Solana Price Prediction As Bullish Pattern Sets Next Leap to $134
Highlights
- The Solana price breakout from the inverted Head and Shoulder pattern indicates a potential 37% increase.
- Solana Mobile's announcement of 100,000 preorders for its new phone may positively impact SOL's value.
- The 24-hour trading volume on the Solana coin is $2.9 Billion, indicating a 38% gain.
Solana Price Prediction: SOL, the native token of the Solana ecosystem picked up momentum from the second week of February as the price rebounded from the $93 mark. The positive turnaround surge the coin’s market value surged 18% to trade at the $109.8 mark currently. A look at the daily time frame chart shows this upswing also breached the key resistance of reversal.
Also Read: Solana Price Prediction: How SOL Could Swing From The Dips After A Bullish Week Above $104?
Bullish Pattern Sets SOL For New Recovery Trend
Amid a month-long consolidation in Solana price, the daily time frame chart showed the formation of an inverted Head and shoulder pattern. This pattern projected an early renewed recovery in the asset uplifting the price by 37% in three weeks.
On February 9th, altcoin gave a decisive breakout from the pattern’s neckline at $106, triggering a new entry opportunity for traders. Currently trading at $109, the SOL price is likely to retest the breached resistance and project its sustainability for higher levels.
Amid the recent upswing, Solana Mobile shared on its official X platform page, that the new Solana phone has hit 100,000 preorders in less than 30 days. This milestone underscores the burgeoning interest and confidence in blockchain technology’s potential to innovate within the mobile industry. In response to this overwhelming demand, Solana Mobile has informed its supporters that the Founder Window, along with the special pre-order price of $450, is set to close in 48 hours(Feb 14th).
Such development may likely have a positive influence on price and they continue to revert market participant’s attention to Solana. If the price manages to sustain above the neckline support, the buyer’s SOL coin may rise 23% to hit a high of $134.5.
Also Read: Solana Faces Security Threat as Blowfish Detects Drainer Risk
Technical Indicator
- Exponential Moving Average: The 20-day EMA slope may act as a first line of defense for buyers in case of a market correction.
- Vortex Indicator: A positive crossover between the V+(blue) and VI- slope indicates the recovery trend is intact.
Related Articles: Crypto Market Selloff: Bitcoin, Ethereum, Solana, XRP Slips, Here’s Why
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